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FX Market
The naira rose against the US dollar in the Central Bank of Nigeria (CBN) foreign exchange
A significant surge in US dollar demand at the Nigerian foreign exchange market (NFEM) led to a sharp decline in the naira’s value on Monday, according to daily FX data published by the Central Bank.
Naira bulls at the Brroastreet have maintained a positive outlook on the exchange rate amidst geopolitical dislocation that has pushed oil prices above $110 on Monday.
The European single currency, the euro, loses its steeze in the forex market as the Iran war continues to boost demand for the US dollar amid a drive toward safer assets.
The naira showed remarkable strength, appreciating by 0.99% to close at ₦1,344.42 per dollar in the Nigerian Foreign Exchange Market (NFEM). This upward trend reflects a positive shift in currency sentiment within the regulated market, with foreign payments slowing relative to US dollar volume.
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